PSEG Lengthy Island closes $16M buy of Medford web site

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PSEG Lengthy Island has closed on its buy of 24.3 acres in Medford that was the longtime residence of Nation Truthful Leisure and Occasion Park. 

The sale worth was not disclosed, although actual property business sources say the sprawling property offered for about $16 million. 

PSEG Lengthy Island bought the positioning “as agent of and behalf of” the Lengthy Island Energy Authority to develop the Medford Operations Heart, based on a press release from the utility. The operations heart will encompass two new warehouses totaling 37,000 sq. ft, in addition to the prevailing 10,690-square-foot constructing on the property that can be used as administrative workplaces. The power may also have parking capability for tons of of automobiles and vans. 

“We now have labored with the City of Brookhaven and the Medford Taxpayers and Civic Affiliation on the proposed web site plan, and we acquired the mandatory approvals from the Central Pine Barrens Joint Planning and Coverage Fee,” a PSEG Lengthy Island spokeswoman stated through electronic mail. “This property can be used for a brand new centralized operational heart to reinforce response instances and the standard of service within the Brookhaven space.” 

The Nation Truthful park, which closed on the finish of final summer time, had been in operation for 23 years. The property was first supplied on the market three-and-a-half years in the past. 

“We took it to market as its unique dealer in September 2020,” stated Mark Walsh, a principal of Huntington-based Choose Actual Fairness Advisors. 

John Thomas, additionally a principal of Choose Actual Fairness Advisors, stated the brokerage agency explored potential makes use of for the positioning with most of the space’s high builders, together with retail, multifamily, and warehouse and distribution.  

“We have been even in contract with a special purchaser seeking to develop an alternate use, however after conferences with city officers and native civics, it was decided that the very best use was for the LIPA/PSEG operations heart,” Thomas stated. “Many roles can be created, and the neighborhood storm response time can be enormously improved for Brookhaven residents.” 

The client was represented by Area Realty, whereas Choose Actual Fairness Advisors represented the vendor, Nation Truthful Leasing LLC, within the gross sales transaction.